Current price: 47.00
Key point: 45.00
Our preferred direction: buying positions above the level of 45.00 riyals, targeting the levels of 50.00 riyals, followed by 52.00 riyals.
Alternative scenario: stop loss and change direction by breaking the level of 44.00 riyals, targeting levels of 40.00 riyals.
comment
The stock is breaching the descending trend line around the main resistance level of 45.00 riyals, therefore we recommend opening long positions to target the next resistance level of 50.00 riyals, followed by 52.00 riyals. Positive signs on both the RSI and Ichimoku indicators support this scenario. In the event of a decline below the important support level of 44.00 riyals, the previous analysis is canceled and the first support in this case becomes 40.00 riyals.
